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Singapore’s Far East Land on Tuesday announced its acquisition of The Westin Sydney (pictured) and the Heritage Retail podium in Sydney, Australia for AU$445.3 million (S$467 million).
The Australian properties were acquired through a joint venture between Far East Land and Sino Land, members of Far East Organization and its sister company,Hong Kong-based Sino Group, respectively.
The 416-room five-star hotel will continue to be managed by Starwood Hotels & Resorts under the existing management agreement, the companies said in a news release.
“Tenants in the Heritage Retail podium will now have access to the new owners’ property management infrastructure serving the group’s Sydney-based retail and office properties,” Far East Land added.
Nikki De Guzman, Editor at CommercialGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg
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